Question-and-Answer Session
Operator
(Operator Instructions). Our first question comes from Peter Park from Park West Asset Management. Please proceed, sir.
Peter Park - Park West Asset Management
Hi. Of the 26.4 million you have in cash, can you tell us how much of that is operating cash versus non-operating cash? And how much is international versus available in the U.S.?
Stephen Fenstermacher
Sure, Peter. Good morning. In rough terms, that figure is entirely operating cash. In comparison with prior balance sheets from several years ago when we were carrying higher balances, there was specific longer term investments being made that you may recall if you have that level of history with our financial reporting. So primarily, this is looking at our cash as an operating number at this point in time.
And in terms of distribution, each of our operating officers around the world obviously require working capital et cetera. So it split were... fairly evenly among our officers.
Peter Park - Park West Asset Management
So, if you continue to have losses, at one point do you consider raising capital since you are running... your cash balance keeps shrinking?
Stephen Fenstermacher
That's always a question for any company undergoing some transformation, Peter, as you would certainly be aware. Our situation to a certain extent is mitigated to somewhat by the relatively high level of depreciation that we carry due to our computer conversion of several years ago.
We have about $3.1 million per quarter in depreciation. So, really looking at our cash situation that has to be taken into account. In addition, the period of time that we're in currently with significantly unfavorable translated operating results from our international countries also has somewhat of a distorting effect on our financial statements in that results which are fairly vigorous in several of the countries when distorted look much smaller converted to U.S. dollars. So the U.S. dollar strengthening against some of those currencies obviously has an impact there as well.
Peter Park - Park West Asset Management
Right. I'm just talking about the cash, and the cash was down $1.5 million. And it's all operating cash and you keep losing money. I don't know, I'm not talking about the depreciation, I'm just saying cash is going down. You need cash. But enough on that.
Second on the inventories. I noticed that your days of inventory still is in the 230 days of inventory type levels, which seems really high. Is there... can you give me a sense of what you are... why it remains that high and what your game plans is?
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